MCX Silver slips from six week high

MoM Team / Mumbai, Aug 14, 2017 02:40 PM IST

Precious metals retreated today as a recovery in global stock markets took sheen off the bullion futures. Both Gold and Silver had rallied near their two month highs last week following the worrisome geopolitical scenario as the standoff between the US and North Korea reached a tipping point.

COMEX Silver soared above $17 per ounce on a tremendous rally. However, the Silver futures slipped in Asia as equities gained around half a percent. The metal also eyed a somewhat weak undertone in base metals, particularly Copper. COMEX Silver is currently trading at $17.02 per ounce, down 0.25 percent on the day.

MCX Silver futures hit a six week high on Friday, breaking above Rs 39000 per kg in a convincing manner. The metal slipped today with highs above Rs 39300 failing to hold on. The counter is in red right now, down 0.27 percent at Rs 39087 per kg after testing a low near Rs 39030 mark.